Magnite (NASDAQ:MGNI – Get Free Report)‘s stock had its “buy” rating reissued by research analysts at Benchmark in a note issued to investors on Monday,Benzinga reports. They presently have a $25.00 price target on the stock. Benchmark’s price target indicates a potential upside of 119.49% from the stock’s current price.
Other research analysts have also issued reports about the stock. Royal Bank of Canada raised their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Wells Fargo & Company increased their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Susquehanna boosted their price objective on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $14.00 target price on shares of Magnite in a report on Monday. Finally, Wolfe Research lifted their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.17.
Get Our Latest Research Report on MGNI
Magnite Stock Performance
Magnite (NASDAQ:MGNI – Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. As a group, equities research analysts expect that Magnite will post 0.33 earnings per share for the current fiscal year.
Insider Activity
In other news, Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the transaction, the director now owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James Rossman sold 149,936 shares of Magnite stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the transaction, the director now owns 219,920 shares of the company’s stock, valued at $4,279,643.20. This trade represents a 40.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 244,905 shares of company stock valued at $4,718,855. 4.30% of the stock is currently owned by corporate insiders.
Institutional Trading of Magnite
Several hedge funds have recently modified their holdings of the stock. Capital Research Global Investors purchased a new position in Magnite in the fourth quarter worth approximately $122,986,000. Boston Partners raised its holdings in shares of Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after purchasing an additional 1,336,458 shares in the last quarter. Maestria Partners LLC purchased a new stake in shares of Magnite during the 4th quarter worth $15,161,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Magnite during the fourth quarter worth $11,076,000. Finally, CenterBook Partners LP purchased a new position in Magnite in the fourth quarter valued at $9,962,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.
Magnite Company Profile
Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.
Recommended Stories
- Five stocks we like better than Magnite
- Why Invest in High-Yield Dividend Stocks?
- How to Invest in Micro-Cap Stocks Like a Pro
- Insider Selling Explained: Can it Inform Your Investing Choices?
- Investors Sell Microsoft Stock on OpenAI News—Time to Buy?
- Stock Ratings and Recommendations: Understanding Analyst Ratings
- Take-Two Interactive: A Defensive Play Set to Explode
Receive News & Ratings for Magnite Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magnite and related companies with MarketBeat.com's FREE daily email newsletter.